Janney Montgomery Scott LLC Sells 3,446 Shares of Pinnacle West Capital Corporation $PNW

Key Points

• Janney Montgomery Scott LLC has reduced its holdings in Pinnacle West Capital by 30.4%, selling 3,446 shares during the second quarter.
• Pinnacle West Capital Corporation reported an EPS of $1.58 for its most recent quarter, meeting analysts' expectations, and a year-over-year revenue increase of 3.8%, totaling $1.36 billion.
• Institutional investors control 91.51% of Pinnacle West Capital's shares, highlighting significant market interest in the company among large investment entities.

Janney Montgomery Scott LLC lessened its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 30.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,872 shares of the utilities provider's stock after selling 3,446 shares during the quarter. Janney Montgomery Scott LLC's holdings in Pinnacle West Capital were worth $704,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Sonora Investment Management Group LLC increased its holdings in shares of Pinnacle West Capital by 5.3% during the 2nd quarter. Sonora Investment Management Group LLC now owns 25,335 shares of the utilities provider's stock worth $2,267,000 after purchasing an additional 1,271 shares during the period. NovaPoint Capital LLC increased its holdings in shares of Pinnacle West Capital by 2.2% during the 2nd quarter. NovaPoint Capital LLC now owns 10,257 shares of the utilities provider's stock worth $918,000 after purchasing an additional 225 shares during the period. Patton Fund Management Inc. bought a new position in shares of Pinnacle West Capital during the 2nd quarter worth about $210,000. ST Germain D J Co. Inc. increased its holdings in shares of Pinnacle West Capital by 19.8% during the 2nd quarter. ST Germain D J Co. Inc. now owns 1,132 shares of the utilities provider's stock worth $101,000 after purchasing an additional 187 shares during the period. Finally, Holland Advisory Services Inc. acquired a new stake in shares of Pinnacle West Capital during the 2nd quarter valued at about $266,000. Institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $93.71 on Thursday. The firm has a 50-day moving average of $89.70 and a 200-day moving average of $90.80. Pinnacle West Capital Corporation has a one year low of $81.47 and a one year high of $96.50. The company has a market cap of $11.19 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 9.65 and a beta of 0.46. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting analysts' consensus estimates of $1.58. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.76 EPS. As a group, equities analysts forecast that Pinnacle West Capital Corporation will post 5.13 earnings per share for the current year.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. KeyCorp decreased their target price on shares of Pinnacle West Capital from $100.00 to $97.00 and set an "overweight" rating on the stock in a research report on Wednesday. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $89.00 to $87.00 and set an "equal weight" rating on the stock in a research note on Thursday, September 25th. Zacks Research cut shares of Pinnacle West Capital from a "hold" rating to a "strong sell" rating in a research note on Friday, October 10th. UBS Group upped their price objective on shares of Pinnacle West Capital from $95.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, October 10th. Finally, Barclays upped their target price on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 7th. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Pinnacle West Capital presently has a consensus rating of "Hold" and an average target price of $96.36.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.

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